Historic Mixed-Use Ithaca Commons
For Sale
Contact for pricing
109 N Cayuga St, Ithaca, NY 14850
Well-maintained, renovated mixed-use property in the heart of Ithaca Commons.
Property Size9,012 SF
Price / SF$209.17
Days on Market153
Property Features for 109 N Cayuga St
General Information
Standard status
Active
Size
9,012 SF
Property subtype
Multifamily, Office, Retail
Zoning
CBD-60
Building Details
Buildings
1
Stories
3
Units
8
Listing Agency:
Howard Hanna Real Estate Services
(607) 257-0800
Listed By:
Richard Patterson · License #30PA0967502
Source:
Crexi
Added: Mar 17
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained historic asset is located in the heart of the Ithaca Commons, situated on the downtown Historic Super Block. The property is a mixed-use building with both residential and commercial revenue streams. All floors have been fully renovated, and the entire building is protected by a sprinkler system. The main floor is occupied by a long-standing community institution that has served Ithaca for 53 years. The property size is 9012 square feet.
Key Highlights
- Prime location in the heart of the Ithaca Commons on the downtown Historic Super Block.
- Diversified revenue streams from residential and commercial uses.
- Fully renovated floors** throughout the entire building.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$93,274
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,865,480
$1.9M
Cap Rate 7%
$1,332,486
$1.3M
Cap Rate 9%
$1,036,378
$1.0M
Market Conditions
NOI Build-Up for 9,012 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$162.2K $18.00/SF
− Vacancy
−$13.0K −$1.44/SF
EGI
$149.2K $16.56/SF
− OpEx
−$56.0K −$6.21/SF
NOI
$93.3K $10.35/SF
Area
Tompkins County, NY
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,865,480
Cap Rate 7%
$1,332,486
Cap Rate 9%
$1,036,378
Alternative Uses
Best Use
Mixed Use
$1.33M
$1.17M – $1.55M
NOI $93,274 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,850 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained, renovated mixed-use property in the heart of Ithaca Commons.
Where is this mixed-use property located?
The property is located at 109 N Cayuga St Ithaca, NY.
What is the asking price?
The asking price for this property is $1,885,000.
What are key features of this property?
This property features: Prime location in the heart of the Ithaca Commons on the downtown Historic Super Block.; Diversified revenue streams from residential and commercial uses.; Fully renovated floors** throughout the entire building.
